Elliott Greenleaf was selected as Delaware counsel for the Official Committee of Unsecured Creditors in the Chapter 11 case of biopharmaceutical company, Orexigen Therapeutics, Inc., pending in the United States Bankruptcy Court for the District of Delaware. Irell & Manella LLP was selected as lead counsel to the Committee.
Headquartered in La Jolla, California, the Debtor is focused on the treatment of obesity through its sole commercial product, Contrave®. Contrave® was approved in the United States in September 2014 and has become the most prescribed branded obesity medication since June 2015. In Europe, the drug has been approved under the brand name Mysimba™. The drug is also approved in South Korea, Canada, Lebanon, and United Arab Emirates. Contrave® has also successfully defended against recent patent challenges and has confirmed exclusivity in the United States until 2030. Orexigen is a publicly traded company with its shares listed on The NASDAQ Global Select Market under the ticker symbol “OREX”.
The Official Committee of Unsecured Creditors includes Wilmington Savings Fund Society, FSB as Indenture Trustee, McKesson Specialty Health, and Young & Rubicam, LLC. Elliott Greenleaf was selected based on the Firm’s experience as creditors’ committee counsel, bankruptcy litigation and Delaware counsel.
Eric M. Sutty and Rafael Zahralddin, are leading the Firm’s efforts in this important matter.